Cuadrilla Welcomes Budget Announcements

21Mar / 2013

Cuadrilla Welcomes Budget Announcements

Cuadrilla’s annoucement can be read in full by using the following link:

http://www.cuadrillaresources.com/news/cuadrilla-news/article/cuadrillas-statement-on-the-budget/

In brief, Francis Egan, Cuadrilla’s Chief Executive, said:

“Cuadrilla warmly welcomes today’s Budget announcements concerning shale gas. At this early stage of the industry’s development, the Government’s decision to introduce tax reforms for shale gas will greatly incentivise companies such as Cuadrilla that are undertaking and investing in exploration work.

“We also support the Government’s decision to accelerate the provision of planning guidance for local authorities. The country needs to move forward with vital exploration activities, so we can begin establishing the value of our significant onshore gas resources. Cuadrilla will work with the new Office for Unconventional Gas and Oil, Lancashire County Council, local communities and all other parties to realise the potential of shale gas in a safe and responsible manner. We will carry out our work in full accordance with all relevant planning and consultation processes.

“The Chancellor recognises, as do we, that local communities must reap long-term benefits from shale gas. Cuadrilla will work with the local communities concerned to get their views on the scope and structure of plans that will benefit the people of Lancashire.  We also look forward to reviewing the Government’s proposals later this year.

“Collectively, we believe the measures announced today will facilitate exploring for and, we trust, extracting shale gas, along with providing long-term benefits to the UK. These would include reducing our reliance on imported gas, creating jobs and generating significant tax revenues.”

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